淺析企業(yè)并購的財(cái)務(wù)效應(yīng)—以蒙牛乳業(yè)為例

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摘要 按照工信部的說法，“2年內(nèi)將爭取培育形成10家年銷售收入超過20億元、具有自主知識產(chǎn)權(quán)的知名品牌和國際競爭力的大型企業(yè)集團(tuán)，將行業(yè)集中度提高到70%以上，同時(shí)還將淘汰一批不合格乳企”。政府希望通過兼并重組、培植大企業(yè)的方式來解決乳業(yè)目前散、亂、差的困境。并購是實(shí)現(xiàn)產(chǎn)權(quán)重組，資源優(yōu)化配置的重要手段和積極方式，是企業(yè)迅速擴(kuò)張的有效途徑。企業(yè)并購具有多方面的財(cái)務(wù)效應(yīng)，既具有正面效應(yīng)也具有負(fù)面效應(yīng)。企業(yè)并購的正面效應(yīng)有財(cái)務(wù)預(yù)期效應(yīng)、時(shí)間價(jià)值效應(yīng)、企業(yè)價(jià)值增值效應(yīng)、財(cái)務(wù)報(bào)表效應(yīng)以及交易成本的減少等。正面效應(yīng)可以改變股票市場對企業(yè)股票的評價(jià)，提高股票的價(jià)格，吸引更多的投資者；可以節(jié)省企業(yè)的發(fā)展擴(kuò)張時(shí)間；可以減少交易成本；可以提高企業(yè)的價(jià)值；可以使企業(yè)的財(cái)務(wù)報(bào)表更好看；還可以擴(kuò)大企業(yè)規(guī)模，增強(qiáng)企業(yè)的實(shí)力。并購是一把雙刃劍，在帶給企業(yè)很多利好的同時(shí)也可能會給企業(yè)帶來負(fù)債壓力，管理困難等負(fù)面效應(yīng)。本文選取蒙牛乳業(yè)為例，通過分析蒙牛乳業(yè)并購的內(nèi)部環(huán)境、外部環(huán)境以及并購動因，主要以蒙牛乳業(yè)并購君樂寶、現(xiàn)代牧業(yè)和雅士利國際三項(xiàng)并購，具體研究企業(yè)并購產(chǎn)生的財(cái)務(wù)效應(yīng)。

關(guān)鍵詞 企業(yè)并購 財(cái)務(wù)效應(yīng) 股票 蒙牛乳業(yè) 價(jià)值

Abstract According to the ministry, "In 2 years we will seek to cultivate the formation of 10 Annual sales income over 2 billion yuan, with independent intellectual property rights of well-known brands and international competitiveness of large enterprise groups, to increase the industry concentration ratio to 70%, will also be phased out a batch of unqualified milk companies ". Government hopes nurtured through merger and reorganization, large enterprise the way to solve the plight of the dairy is scattered, disorder and poor. M&a is to realize the property reorganization, an important means of optimal allocation of resources and the positive way, is the enterprise is an effective means of rapid expansion. Has many aspects of mergers and acquisitions financial effect, not only has positive effect also has negative effect. Positive effects of mergers and acquisitions with financial forecast effect, effect of time value, the enterprise value increment effect and the effects of the financial statements and transaction cost reduction, etc. Positive effect can change the stock market to the enterprise stock eva luation, increase the price of the stock, more attractive to investors. Can save the development of enterprise expansion time; Can reduce transaction costs; Can improve the value of the enterprise; Can make the enterprise financial statements look better; Can also expand the scale of the enterprise, the enhancement enterprise's strength. M&a is a double-edged sword, bring a lot of good but also may bring enterprise debt pressure, management difficulties, and other negative effects. This article selects mengniu dairy as an example, through the analysis of the internal environment of mengniu dairy mergers and acquisitions, the external environment and m&a motivation, mainly by mengniu dairy m&a jun to extreme, modern animal husbandry and peirce LiGuoJi three mergers and acquisitions, the specific research enterprise merger of financial effects.

Keywords Mergers and acquisitions Fianancial effect Stock China Mengniu Dairy Company Limited Value


目 錄
第一章 企業(yè)合并的定義 4
第二章 并購環(huán)境分析 4
2.1 內(nèi)部環(huán)境分析---蒙牛集團(tuán)概況 4
2.2 外部環(huán)境分析 5
2.2.1 政治環(huán)境 5
2.2.2 行業(yè)環(huán)境 5
2.3 并購過程 7
2.3.1 蒙牛乳業(yè)并購君樂寶 7
2.3.2 蒙牛乳業(yè)并購現(xiàn)代牧業(yè) 7
2.3.3 蒙牛乳業(yè)并購雅士利 7
2.4 并購動因 8
第三章 蒙牛乳業(yè)并購的財(cái)務(wù)效應(yīng) 9
3.1 正面效應(yīng) 9
3.1.1 并購可以產(chǎn)生財(cái)務(wù)預(yù)期效應(yīng) 9
3.1.2 并購可以產(chǎn)生時(shí)間價(jià)值效應(yīng) 11
3.1.3 并購可以產(chǎn)生企業(yè)價(jià)值增值效應(yīng) 12
3.1.4 并購可以產(chǎn)生財(cái)務(wù)報(bào)表效應(yīng) 12
3.1.5 企業(yè)并購可以減少交易成本 16
3.2 負(fù)面效應(yīng) 16
3.2.1 并購會帶來負(fù)債壓力 17
3.2.2 并購后能力增長有限 17
3.2.3 并購會帶來整合管理難度 18
第四章 結(jié)論 19
致謝 20
附錄 20
參考文獻(xiàn) 21